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Use a supply-demand graph to demonstrate how the quantity and price of medical services are expected to be affected if we went from a world without insurance to a world where the government covered 90% of all medical costs.
It is unclear to a economic novice like me why OPEC is not cutting down production and raising oil prices. I have read several journalists commenting upon this on the internet but perhaps an economist can explain this current fact better.
(Figure: Corn and Watches in the United States and Canada) Referring to the graphs, we see that _____ has the comparative advantage for corn and _____ has the comparative advantage for watches.
What is the social optimum quantity and price. Calculate the total surplus in the market equilibrium, at the social optimum and with the tax.
George and Bill are stuck together on a desert island. There are two goods, Coconut (C) and Bananas (B). George has production function 5C+B=40, while Bill has production function C+3B=36. If they could not trade, George would choose to product 6C, w..
Explain the role culture may play in influencing entrepreneurship both at the individual and social level. Define culture in your response.
Illustrate the expected total monetary loss under 4% of annual interest rate if this park is permanently closed this year.
Provide examples of different tools businesses use to identify the elasticity of their different customers. Also elucidate how the financial aid department determines student elasticity.
Suppose the production function for coffee (C) is C = min(B,W) where B = beans in pounds and W = water in gallons and the price of water is $.10 per gallon and the price of beans is $10 per pound. the cost minimizing combination of beans and water fo..
How could you use the concepts of marginal cost and marginal revenue to maximize profit? What information do you need to determine this? Without this information, how would you make a decision?
Compare the efficiency of monopolistic and perfectly competitive markets. Discuss the economic factors that lead to the development of monopolies. Examples of monopolies include electric utilities, railroads, airlines, cable television, and sports le..
Consider a game of delegation. An uninformed principal must delegate some task to an informed agent with preferences imperfectly aligned. I'm aware of plenty of literature that studies these kinds of problems when there is a continuous action space, ..
Recalling some basic reasons about why people engage in trade, provide a short example of a market in which consumers and producers exchange goods. In your example, briefly explain who the consumers and producers are, what factors may influence suppl..
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